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Mechanism. to provide some assistance to the oil rig workers idle for six months by the obama administration imposed moratorium on deep water exploration. they want to provide some mechanism to help those workers. b.p. will put this money into a foundation. grants will be allotted to those idle unemployed deep water rig workers. after this brief press conference at the white house west wing broke up, reporters avidly sought more answers from the executives. here's how it played out. >> can you tell us -- >> that was about a three question press conference, and it's worth pointing out that refe...

First major developments out of president obama's long-awaited meeting with bp executives over at the white house. the oil giant has agreed to set up a $20 billion fund to pay victims of the worst environmental disaster in u.s. history. the account will be run by an independent third party, the washington lawyer, ken feinburg, who oversaw payments to families of 9/11 victims. bp is setting up a separate $100 million fund to compensate laid off rig workers. they're out of work because of the six-month moratorium on deepwater drilling ordered because of the spill. bp also announced it's suspendi...

So i'm not so sure how much power joe biden had when he came in there. b.p. knew they were giving up the $20 b before they went into that meeting. they agrees they're not going to pay dividends to their shareholders for the rest of the year. what did b.p. get out of it? here's what they wanted. they wanted to make sure that the administration's six month moratorium on drilling, they wouldn't have to pay the other companies who no longer can drill in the gulf. that's huge. ok? they got that, i think. they wanted reassurance that the administration, the obama administration will not put them int...

People like yourself that thousands, tens of thousands of jobs will be lost here. the rig workers, cooks, support ships that help the rigs but you had a chance actually to speak to the president himself when he toured your parish. what did you say to him and what was his response? >> he was gracious enough to invite me into his vehicle when we were going to the beach. and, i had to take the opportunity to ask him to reconsider. just knowing what it would do to our economy, that it would devastate our economy. and that it would take a very, very long time for us to recover from this. >> what di...